operation mangementanswer only d, e,f 6. Professor Hong has developed a payoff table that indicates the payoffs associated with aset of alternatives under three possible states of nature.Name:Tenure Promotion FiredTeach at anotheruniversity$120,000 $22,000 $20,000Apply for the dean's job $40,000 $45,000 $180,000Go into industry$30,000 $150,000 $250,000a. As you already know Hong is an extremely optimistic person, what is hisinvestment decision?b. Today Hong had an argument with his mom and is feeling extremely pessimistic,what decision will he make?c. If Hong chooses to minimize his maximum regret, what is his investment decision?d. If the manager is neither optimistic nor pessimistic (50:50), what decision will hemake?e. If Hong thinks the chances of tenure, promotion, and fired are 30%, 20%, and 50%,respectively, what are the expected net revenues for the number of workers he willdecide to hire?f. If Hong thinks the chances of tenure, promotion, and fired are 30%, 20%, and 50%,respectively, what is the expected value of perfect information?

Here, the tabulated data is shown below, Tenure Promotion Fired Teach at another university…

Answered: answer only d, e,f

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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